BANK FRAUD AND CUSTOMER PROTECTION: A SURVEY OF ATM PHISHING IN AKUNGBA AKOKO, ONDO STATE, NIGERIA

This study examined bank fraud and customer protection, with a specific focus on a survey of Automated Teller Machine (ATM) phishing in Akungba-Akoko, Ondo State, Nigeria. The rapid global shift toward electronic banking has revolutionized the domestic banking sector, but it has concurrently birthed sophisticated challenges, chief among which is criminal exploitation through phishing, card skimming, and keypad overlays. The primary objective of this research was to assess the prevalence of ATM phishing, evaluate existing institutional customer protection frameworks, identify operational bottlenecks faced by financial institutions, and outline strategic countermeasures. To achieve these objectives, the study adopted a descriptive survey research design. A structured questionnaire comprising socio-demographic indicators and substantive operational metrics was utilized to gather primary quantitative data from a sampled population of local ATM users and banking customers across Akungba-Akoko. The collected field data was processed, organized, and analyzed using descriptive statistics, specifically focusing on frequency counts and percentage distribution tables. The empirical findings from the survey revealed that despite the active implementation of advanced technological safeguards by Nigerian commercial banks—such as standard chip-and-PIN systems, real-time transaction monitoring frameworks, and automated SMS/email alerts—the rate of ATM phishing remains a significant threat due to the adaptive methods of digital fraudsters. The study also identified gaps in widespread public threat awareness and swift institutional responses as critical systemic challenges. Based on these outcomes, the study recommends a dual approach: financial institutions must continuously upgrade to biometric and advanced cryptographic security lines at terminals, while simultaneously deploying aggressive, localized public enlightenment campaigns to empower customers with proactive defensive habits against social engineering and skimming techniques.